Chemistree Technology Inc. (CSE: CHM) (OTCQB: CHMJF) this morning announced that, through a wholly owned U.S. subsidiary, it has finalized its investment into Applied Cannabis Sciences of New Jersey (“ACS”). The investment was previously announced in an April 15, 2019, press release as a letter of intent. According to the update, ACS will submit its application in the upcoming New Jersey round of Request for Applications (“RFA”), through which the state will issue 24 new permits comprising of 15 dispensary permits, 5 cultivation permits and 4 vertically integrated permits. “Completing this investment with ACS and being on the ground floor toward expanding New Jersey’s medical marijuana program marks a significant step forward in our Company’s East Coast expansion plans,” Chemistree President Karl Kottmeier said in the news release. “We expect, along with ACS’ leading cannabis experts and track record, that we will be able to secure this highly coveted and valuable State license.”
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About Chemistree Technology Inc.
Chemistree Technology Inc. is an investment company dedicated to the U.S. cannabis sector, endeavoring to provide turn-key solutions for the regulated cannabis industry. The Company’s corporate strategy is to acquire and develop vertically integrated cannabis assets, leveraging management’s decades of expertise in the cannabis industry and corporate finance to own and operate licensed cultivation, processing, distribution and retail facilities. Outside of Washington State, Chemistree owns the exclusive worldwide rights to the Sugarleaf brand. For more information, visit www.Chemistree.ca
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